Commerce and Industry Minister Piyush Goyal on Tuesday said negotiations between India and the United States on a proposed bilateral trade agreement are moving quickly and in a positive direction. Goyal, however, did not disclose details of the issues still being discussed between the two sides.The comments come as India and the US continue negotiations on a bilateral trade agreement, while a separate US law has created fresh uncertainty for countries purchasing Russian oil and gas.Goyal said the discussions with Washington were “moving fast and in a good direction”, indicating that negotiations remain active despite differences on several trade-related issues.India-US Bilateral Trade Agreement TalksIndia and the United States have been negotiating a Bilateral Trade Agreement aimed at expanding commercial ties between the two countries.The negotiations cover several areas, including market access, digital trade, supply-chain resilience and non-tariff barriers. During a June visit to New Delhi, US Trade Representative Jamieson Greer held discussions with Goyal and Indian officials on the proposed agreement.According to the Indian government, both sides had reported substantial progress during the June discussions and were working towards an interim agreement as part of the broader bilateral trade negotiations.The agreement is significant for both countries because the US is an important destination for Indian exports, while American companies have interests across India's large consumer and industrial markets.Goyal Does Not Reveal DetailsWhile speaking about the latest progress, Goyal did not provide details about specific subjects under discussion.Trade negotiations between countries generally involve multiple areas, including tariffs, market access, agricultural products, manufacturing, technology and services. The final outcome depends on agreement across these different areas.Goyal's latest comments therefore indicate continued engagement but do not confirm that a final agreement has been reached.The Commerce Minister had also previously indicated that India would assess developments carefully while protecting the interests of Indian businesses, exporters and other stakeholders.Russian Oil Issue Adds Another ChallengeThe positive comments on trade talks come shortly after US President Donald Trump signed the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026 into law.The legislation gives the US president authority to impose tariffs of up to 100 per cent on goods from countries that fall within provisions targeting major purchasers of Russian oil and gas. India and China are among the countries that could be affected based on their Russian energy purchases.The law does not automatically impose a 100 per cent tariff on India. It gives the US president the authority to determine whether and how the tariff provisions are applied.This development has added another issue to the broader India-US economic relationship.India Studying the US MeasureGoyal had said on Monday that India would first study the details of the US legislation and the possible implications before taking up the issue at an appropriate time.The government is therefore examining how the new US powers could affect Indian trade and the country's continued purchase of Russian crude.India remains heavily dependent on imported crude oil, and Russian supplies have become an important part of its import mix. The potential impact of any additional US tariff therefore extends beyond the bilateral trade negotiations and could also affect energy and trade calculations.What Happens Next?The India-US trade negotiations are expected to continue as officials from both sides work through outstanding issues.For New Delhi, the discussions involve expanding export opportunities while seeking terms that are acceptable across sectors. For Washington, negotiations are taking place alongside wider trade and economic priorities.At present, Goyal's comments point to continued movement in the talks, but no final agreement has been announced.The outcome will depend on the next rounds of negotiations and how both governments address the remaining differences. At the same time, India's response to the new US Russia-related tariff powers could become another important factor in the economic relationship between New Delhi and Washington.
